Bitpanda has closed its Series B funding round, raising $170 million and gaining the status of a unicorn startup with $1.2 billion in valuation, the Austrian crypto exchange announced on Tuesday.

The press release shared with Finance Magnates detailed that the funding round was led by Valar Ventures and saw participation from the partners of DST Global.

Commenting on the funding, Bitpanda Co-Founder and CEO, Eric Demuth said: “Becoming Austria’s first unicorn is a great achievement, and I’m incredibly proud of the team for everything we have accomplished over the past few years. It is yet another endorsement in our vision to give everyone more access and greater control over their financial future, on their terms, no matter their financial means.”

Pan-European Expansion

The fresh funding came when Bitpanda is aggressively expanding its footprint across Europe. Last year, it entered France, Spain, Turkey, Italy and Poland and is now planning to have a presence in Paris, Madrid, Barcelona, London and Berlin.

The crypto exchange recently upgraded its Austrian PSD2 license and gained the status of an investment firm. It registered in France with the Autorité des marchés financiers (AMF), which allows the company to offer regulated services as a French digital asset service provider (DASP).

Furthermore, the exchange revealed that its user base grew to over 2 million, and its revenue for the first two months of 2021 surpassed the entire revenue of last year though no numbers were shared.

“Retail investors will soon be able to access an even larger range of digital assets, and we already have plans in place to bring our offer to several new markets. Our goal is to continue leading the digital investment revolution in Europe and to help people build the confidence and knowledge to be in charge of their financial future. Our partners and this round will enable us to do that, and more,” Demuth added.